After reporting staggering losses and after receiving some $350 billion in bailout and guarantees for hundreds of billions of dollars of toxic assets, Wall Street paid out $18.4 billion in bonuses in 2008.
Blame this nonsense on the Bush administration for not imposing restrictions when they handed out TARP money (in plain English, taxpayer money) like candies on Halloween.
Here’s an excerpt from the New York Times story:
Despite crippling losses, multibillion-dollar bailouts and the passing of some of the most prominent names in the business, employees at financial companies in New York, the now-diminished world capital of capital, collected an estimated $18.4 billion in bonuses for the year.
That was the sixth-largest haul on record, according to a report released Wednesday by the New York State comptroller.
While the payouts paled next to the riches of recent years, Wall Street workers still took home about as much as they did in 2004, when the Dow Jones industrial average was flying above 10,000, on its way to a record high.
Some bankers took home millions last year even as their employers lost billions.